The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,600,000 85,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 25,000 1,240,000 250,000 350,000 175,000 84,000 There were 340,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. TH income tax rate is 25%. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places.) Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places.) GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains Sales revenue $ 2,600,000 85,000 Interest revenue 2,685,000 $ Total revenues and gains Expenses and losses: Loss on sale of investments Cost of goods sold Loss on inventory write-down Selling expense General and administrative expense Interest expense 25,000 1,240,000 250,000 350,000 175,000 84,000 Total expenses and losses Income before income taxes 2,124,000 561 000 140,250 420,750 123 $ Net income Earnings per share $ GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Sales revenue Cost of goods sold Gross profit Operating expenses $ 2,600,000 1,240,000 1,360,000 ces Total operating expenses Operating income Other income (expense) 1,360,000 Total other income (expense), net Income before income taxes 1,360,000 Net income Earnings per share